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Atlantic Gold puts price tag on Touqouy

Atlantic Gold puts price tag on Touqouy

Photo by Bloomberg

25th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Results from a definitive feasibility study at ASX-listed Atlantic Gold’s Touqouy gold project, in Canada, have placed a $142-million price tag on the project development.

The company told shareholders on Tuesday that the Touqouy project, which currently has an ore reserve of 9.59-million tonnes, grading 1.48 g/t gold, would deliver 422 000 oz of gold over a five-year life-of-mine.

Yearly production would reach around 84 000 oz, with cash operating costs expected to reach $622/oz.

Touqouy was expected to have a net present value of $132-million and an internal rate of return of 38%.

Atlantic Gold said on Tuesday that the Touqouy project represented the first stage of an extended production plan for the combined Touqouy and Cochrane Hill gold projects. The combined production plan involved the relocation of the Touqouy processing plant some 80 km to the east to Cochrane Hill once the operation had been completed.

Edited by Creamer Media Reporter

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